Paragon Mortgages (No.11) PLC - March 2006

Issuer	Paragon Mortgages (No.11) PLC, 51 Homer Road, Solihull, West Midlands, B91 3QJ
Closing Date	23 March 2006
Originators	Paragon Mortgages Limited, 51 Homer Road, Solihull, West Midlands, B91 3QJ Mortgage Trust Limited, 51 Homer Road, Solihull, West Midlands, B91 3QJ
Notes Issued	Class A1	Class A2a	Class A2b	Class B1a	Class B1b	Class C1b
Original Rating (S&P/Moody’s/Fitch)	A-1+/P-1/F1+	AAA/Aaa/AAA	AAA/Aaa/AAA	AA/Aa2/AA	AA/Aa2/AA	A/A2/A
Current Rating (S&P/Moody’s/Fitch)	AAA/Aaa/AAA	AAA/Aaa/AAA	AAA/Aaa/AAA	AA+/Aa2/AAA	AA+/Aa2/AAA	AA-/A2/A+
Original Notes	$985,000,000	£149,500,000	€219,700,000	£16,000,000	€82,400,000	€87,500,000
GBP Equivalent	£567,281,942	£149,500,000	£150,715,849	£16,000,000	£56,527,018	£60,025,657
Currency Exchange Rates	£1 : $1.736	N/A	£1 : €1.46	N/A	£1 : €1.46	£1 : €1.46
Note Denominations	$100,000	£50,000	€50,000	£50,000	€50,000	€50,000
Initial Margins	-1bp	12bp	12bp	24bp	24bp	45bp
Current Margins	10bp	24bp	24bp	48bp	48bp	90bp
Step Up Dates	N/A	April 2011	April 2011	April 2011	April 2011	April 2011
Step Up Margins	TBA	24bp	24bp	48bp	48bp	90bp
Optional Redemption Dates	April 2010	April 2010	April 2010	April 2010	April 2010	April 2010
Principal Determination Dates	Last business day of June, September, December and March
Quarterly Interest Payment Dates	15 July, 15 October, 15 January, 15 April
A1 Monthly Interest Payment Date	15^thof each month, commencing 18^thApril 2006
Class A1 Mandatory Transfer Date	The Interest Payment Date falling on 15 January 2007 and annually thereafter
Joint Lead Managers	Deutsche Bank AG, London, Winchester House, 1 Great Winchester Street, London, EC2N 2DB The Royal Bank of Scotland PLC, 135 Bishopsgate, London, EC2M 3UR JP Morgan Securities Ltd, 125 London Wall, London, EC2Y 5AJ
Administrators	Paragon Finance PLC, 51 Homer Road, Solihull, West Midlands, B91 3QJ Mortgage Trust Services PLC, 51 Homer Road, Solihull, West Midlands, B91 3QJ
Trustee	Citicorp Trustee Company Limited, Citigroup Centre, 6^thFloor, Canada Square, Canary Wharf, London, E14 5LB
Rating Agencies	Moody’s Investors Service Limited, One Canada Square, Canary Wharf, London, E14 5FA Standard & Poors, 20 Canada Square, Canary Wharf, London, E14 5LH Fitch Ratings Limited, 30 North Colonnade, London, E14 5GN
Principal Paying / Reference Agent/	Citibank, N.A. Citigroup Centre, 21^stFloor, Canada Square, Canary Wharf, London, E14 5LB
U.S.Paying Agent	Citibank, N.A. 388 Greenwich Street, 14^thFloor, New York, N.Y. 10043, U.S.A.
Tender Agent	Citibank, N.A. Citigroup Centre, 21^stFloor, Canada Square, Canary Wharf, London, E14 5LB
Class A1 Remarketing Agent	The Royal Bank of Scotland plc, 135 Bishopsgate, London, EC2M 3UR
Class A1 Conditional Note Purchasers	The Royal Bank of Scotland plc, 135 Bishopsgate, London, EC2M 3UR Deutsche Bank A.G., London Branch, Winchester House, 1 Great Winchester Street, London, EC2N 2DB
Legal Advisors to the Issuer/Administrators	Clifford Chance LLP, 10 Upper Bank Street, Canary Wharf, London, E14 5JJ
Legal Advisors to the Lead Manager and Trustee	Simmons & Simmons, CityPoint, One Ropemaker Street, London, EC2Y 9SS
Auditors to the Issuer	KPMG, One Snowhill, Snowhill Queensway, Birmingham, B4 6GH
Underlying Assets	Investment Home Loans
Subordinated Loan Providers	Paragon Finance PLC, 51 Homer Road, Solihull, West Midlands, B91 3QJ Mortgage Trust Services PLC, 51 Homer Road, Solihull, West Midlands, B91 3QJ
Substitute Administrator	Homeloan Management Limited, The Pavilions, Bridgwater Road, Bristol, BS13 8AE
Substitute Administrator Facilitator	Structured Finance Management Limited, 35 Great St. Helen’s, London, EC3A 6AP
Basis Hedge Providers:	JP Morgan Chase Bank, 12^thFloor, 125 London Wall, London, EC2Y 5AJ NatWest Markets, N.V. (London Branch), 250 Bishopsgate, London, EC2M 4AA
Currency SWAP Provider	Barclays Bank PLC, 5 The North Colonnade, Canary Wharf, London, E14 4BB